Azerbaijan’s Oil Fund to buy reserve gold from AzerGold

10.07.2018,13:47


July 10, Fineko/abc.az. The Gold Reserve Fund of Azerbaijan will be formed at the expense of local gold.

Azergold’s chairman Zakir Ibragimov stated that income of AZN 131.5 million was received for April-December 2017 from export and sale of 60,300 ounces of gold and 86,400 ounces of silver at international markets.

"Income from export and sale of 20,700 ounces of gold and 28,200 ounces of silver at international markets reached AZN 47.9 million in the 1st half of this year, and in general, as a result of sale of 81,100 ounces of gold and 114,600 ounces of silver the income amounted AZN 178 million," Ibragimov said.

He added that as a result of sale of additional 129,000 ounces of gold and 202,000 ounces of silver to be produced during the operation of the ground ore layer at the Chovdar field to be finished in 2021, it is planned to receive income for the country's economy for about AZN 300 million.

From this year the State Oil Fund of Azerbaijan will buy gold extracted by AzerGold. The country's Gold Reserve Fund will be formed at the expense of Azerbaijani gold.